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Mahindra buys iconic Italian car designer

14 dicembre 2015 | 19.47
LETTURA: 1 minuti

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- INFOPHOTO

India's Mahindra group is set to take over troubled iconic Italian car designer Pininfarina for about 33 million euros following a deal agreed on Monday. Announcing the deal, Pininfarina said the company would stay in Italy.

"The firm remains in Italy, as will the workforce and management - the Pininfarina DNA remains," president Paolo Pininfarina said.

"The company remains Italian...the style and the brand are linked to our history".

Mahindra agreed to buy a 76-per-cent controlling stake from Pincar, a Pininfarina family holding company now controlled by a consortium of Italian banks, for 1.1 euros per share, a company statement said.

Pininfarina family will retain a 1.2 percent share in the company.

Pininfarina shares plummeted 68 percent on the Milan stock exchange on news of the sale, which followed months of uncertainty over the debt-laden company's future.

Founded in 1930, Turin-based Pininfarina designed several famous cars, including the 1960s Alfa Romeo Spider. It also produced models for Ferrari other car makers including Ford, Peugeot, Volvo but had been making a loss for years.

"Pininfarina will add enormous value to Tech Mahindra's portfolio of engineering services," Mahindra Group Chairman Anand Mahindra said.

"But just as important is the fact that the legendary high-end design credentials of Pininfarina will significantly enhance the design capabilities of the entire Mahindra Group," he added.

Under terms of the deal, Mahindra will also invest 20 million euros in a capital increase for Pininfarina in 2016.

The deal also saw Italian banks agree to restructure Pininfarina's debts.

Mahindra agreed to retaining Paolo Pininfarina, grandson of company founder Battista, as chairman under the deal.

Mahindra, which has a reputation for buying undervalued companies, is one of Pininfarina's biggest customers.

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